Banking deal will help our international image – Bruton

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The Jobs Minister says the banking debt deal will make it easier to sell Ireland overseas.

There has been a positive reaction to the agreement to swap the Anglo Irish Bank promissory notes – for long term Government bonds – with maturity dates of up to 40 years.

On Wednesday night the Dail passed a bill which effectively winds up the IBRC, formerly Anglo Irish Bank and Irish Nationwide.

The cost of Government borrowing on the markets has fallen to pre-crisis levels as a result of the decision.

The Minister for Finance, Michael Noonan says he can’t rule out a second bailout for Ireland – but the market reaction to the deal on the Anglo promissory notes yesterday are a good indication that they will lend to us again.

Noonan said we’re not out of the woods, despite the positive market reaction to the deal.

But he says a deal on our legacy debt may not be reached until early next year – and Ireland is still spending more than it takes in.

When asked by Chris Donoghue of Newstalk Breakfast why he didn’t ask for a full wirte-down of debt, the Minister said it would be like asking for him to be awarded the Nobel Prize for Peace.

Minister Richard Bruton also says the deal with the European Central Bank will help to drive economic growth:

 

 
 

 
 
 

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